10-Q 1 lkfn-20240331.htm 10-Q lkfn-20240331
0000721994--12-312024Q1falsehttp://fasb.org/us-gaap/2024#AccountingStandardsUpdate202302Member5.03.01.0http://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssets00007219942024-01-012024-03-3100007219942024-04-25xbrli:shares00007219942024-03-31iso4217:USD00007219942023-12-31iso4217:USDxbrli:shares00007219942023-01-012023-03-3100007219942023-01-012023-12-310000721994us-gaap:CommonStockMember2022-12-310000721994us-gaap:RetainedEarningsMember2022-12-310000721994us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000721994us-gaap:TreasuryStockCommonMember2022-12-310000721994us-gaap:ParentMember2022-12-310000721994us-gaap:NoncontrollingInterestMember2022-12-3100007219942022-12-310000721994us-gaap:RetainedEarningsMember2023-01-012023-03-310000721994us-gaap:ParentMember2023-01-012023-03-310000721994us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000721994us-gaap:CommonStockMember2023-01-012023-03-310000721994us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000721994us-gaap:CommonStockMember2023-03-310000721994us-gaap:RetainedEarningsMember2023-03-310000721994us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000721994us-gaap:TreasuryStockCommonMember2023-03-310000721994us-gaap:ParentMember2023-03-310000721994us-gaap:NoncontrollingInterestMember2023-03-3100007219942023-03-310000721994us-gaap:CommonStockMember2023-12-310000721994us-gaap:RetainedEarningsMember2023-12-310000721994us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000721994us-gaap:TreasuryStockCommonMember2023-12-310000721994us-gaap:ParentMember2023-12-310000721994us-gaap:NoncontrollingInterestMember2023-12-310000721994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2023-12-310000721994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ParentMember2023-12-310000721994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-12-310000721994us-gaap:CommonStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2023-12-310000721994us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2023-12-310000721994us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2023-12-310000721994us-gaap:TreasuryStockCommonMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2023-12-310000721994srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:ParentMember2023-12-310000721994us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2023-12-310000721994srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2023-12-310000721994us-gaap:RetainedEarningsMember2024-01-012024-03-310000721994us-gaap:ParentMember2024-01-012024-03-310000721994us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000721994us-gaap:CommonStockMember2024-01-012024-03-310000721994us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000721994us-gaap:CommonStockMember2024-03-310000721994us-gaap:RetainedEarningsMember2024-03-310000721994us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000721994us-gaap:TreasuryStockCommonMember2024-03-310000721994us-gaap:ParentMember2024-03-310000721994us-gaap:NoncontrollingInterestMember2024-03-31lkfn:subsidiary0000721994us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-03-310000721994us-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000721994us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000721994us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310000721994us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000721994us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-31lkfn:securitylkfn:position0000721994us-gaap:LineOfCreditMemberus-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:LineOfCreditMemberus-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-01-012024-03-31xbrli:pure0000721994us-gaap:LineOfCreditMemberus-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:LineOfCreditMemberus-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-01-012023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-01-012024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-01-012023-12-310000721994lkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:TotalCommercialAndIndustrialLoansMember2024-01-012024-03-310000721994lkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:TotalCommercialAndIndustrialLoansMember2023-01-012023-12-310000721994us-gaap:CommercialRealEstateMemberus-gaap:RealEstateLoanMember2024-03-310000721994us-gaap:CommercialRealEstateMemberus-gaap:RealEstateLoanMember2024-01-012024-03-310000721994us-gaap:CommercialRealEstateMemberus-gaap:RealEstateLoanMember2023-12-310000721994us-gaap:CommercialRealEstateMemberus-gaap:RealEstateLoanMember2023-01-012023-12-310000721994us-gaap:RealEstateLoanMemberlkfn:OwnerOccupiedLoansMember2024-03-310000721994us-gaap:RealEstateLoanMemberlkfn:OwnerOccupiedLoansMember2024-01-012024-03-310000721994us-gaap:RealEstateLoanMemberlkfn:OwnerOccupiedLoansMember2023-12-310000721994us-gaap:RealEstateLoanMemberlkfn:OwnerOccupiedLoansMember2023-01-012023-12-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:RealEstateLoanMember2024-03-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:RealEstateLoanMember2024-01-012024-03-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:RealEstateLoanMember2023-12-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:RealEstateLoanMember2023-01-012023-12-310000721994us-gaap:RealEstateLoanMemberlkfn:MultifamilyLoansMember2024-03-310000721994us-gaap:RealEstateLoanMemberlkfn:MultifamilyLoansMember2024-01-012024-03-310000721994us-gaap:RealEstateLoanMemberlkfn:MultifamilyLoansMember2023-12-310000721994us-gaap:RealEstateLoanMemberlkfn:MultifamilyLoansMember2023-01-012023-12-310000721994us-gaap:RealEstateLoanMember2024-03-310000721994us-gaap:RealEstateLoanMember2024-01-012024-03-310000721994us-gaap:RealEstateLoanMember2023-12-310000721994us-gaap:RealEstateLoanMember2023-01-012023-12-310000721994lkfn:LoansSecuredByFarmlandMemberlkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000721994lkfn:LoansSecuredByFarmlandMemberlkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000721994lkfn:LoansSecuredByFarmlandMemberlkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000721994lkfn:LoansSecuredByFarmlandMemberlkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-310000721994lkfn:LoansForAgriculturalProductionMemberlkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000721994lkfn:LoansForAgriculturalProductionMemberlkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000721994lkfn:LoansForAgriculturalProductionMemberlkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000721994lkfn:LoansForAgriculturalProductionMemberlkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMember2024-01-012024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMember2023-01-012023-12-310000721994lkfn:OtherCommercialLoansMember2024-03-310000721994lkfn:OtherCommercialLoansMember2024-01-012024-03-310000721994lkfn:OtherCommercialLoansMember2023-12-310000721994lkfn:OtherCommercialLoansMember2023-01-012023-12-310000721994us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000721994us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000721994us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000721994us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-310000721994us-gaap:FirstMortgageMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2024-03-310000721994us-gaap:FirstMortgageMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2024-01-012024-03-310000721994us-gaap:FirstMortgageMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2023-12-310000721994us-gaap:FirstMortgageMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2023-01-012023-12-310000721994us-gaap:SecondMortgageMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2024-03-310000721994us-gaap:SecondMortgageMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2024-01-012024-03-310000721994us-gaap:SecondMortgageMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2023-12-310000721994us-gaap:SecondMortgageMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2023-01-012023-12-310000721994lkfn:ResidentialConstructionAndLandDevelopmentLoansMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2024-03-310000721994lkfn:ResidentialConstructionAndLandDevelopmentLoansMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2024-01-012024-03-310000721994lkfn:ResidentialConstructionAndLandDevelopmentLoansMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2023-12-310000721994lkfn:ResidentialConstructionAndLandDevelopmentLoansMemberlkfn:TotalConsumer1To4FamilyMortgageLoansMember2023-01-012023-12-310000721994lkfn:TotalConsumer1To4FamilyMortgageLoansMember2024-03-310000721994lkfn:TotalConsumer1To4FamilyMortgageLoansMember2024-01-012024-03-310000721994lkfn:TotalConsumer1To4FamilyMortgageLoansMember2023-12-310000721994lkfn:TotalConsumer1To4FamilyMortgageLoansMember2023-01-012023-12-310000721994lkfn:OtherConsumerLoansMember2024-03-310000721994lkfn:OtherConsumerLoansMember2024-01-012024-03-310000721994lkfn:OtherConsumerLoansMember2023-12-310000721994lkfn:OtherConsumerLoansMember2023-01-012023-12-310000721994us-gaap:ConsumerLoanMember2024-03-310000721994us-gaap:ConsumerLoanMember2024-01-012024-03-310000721994us-gaap:ConsumerLoanMember2023-12-310000721994us-gaap:ConsumerLoanMember2023-01-012023-12-310000721994us-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000721994lkfn:OtherCommercialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000721994lkfn:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000721994lkfn:UnallocatedMember2023-12-310000721994us-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-01-012024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000721994lkfn:OtherCommercialMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000721994lkfn:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000721994lkfn:UnallocatedMember2024-01-012024-03-310000721994us-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000721994lkfn:OtherCommercialMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000721994lkfn:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000721994lkfn:UnallocatedMember2024-03-310000721994us-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2022-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310000721994lkfn:OtherCommercialMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000721994lkfn:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000721994lkfn:UnallocatedMember2022-12-310000721994us-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-01-012023-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000721994lkfn:OtherCommercialMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000721994lkfn:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000721994lkfn:UnallocatedMember2023-01-012023-03-310000721994us-gaap:CommercialPortfolioSegmentMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000721994lkfn:OtherCommercialMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000721994lkfn:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000721994lkfn:UnallocatedMember2023-03-310000721994us-gaap:LineOfCreditMemberus-gaap:PassMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:LineOfCreditMemberus-gaap:SpecialMentionMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:LineOfCreditMemberus-gaap:SubstandardMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:LineOfCreditMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:LineOfCreditMember2024-01-012024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:PassMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:SpecialMentionMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:SubstandardMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:NonperformingFinancingReceivableMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMember2024-01-012024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-03-310000721994us-gaap:CommercialRealEstateMember2024-01-012024-03-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-03-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:OwnerOccupiedLoansMember2024-03-310000721994lkfn:OwnerOccupiedLoansMember2024-01-012024-03-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-03-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310000721994lkfn:NonownerOccupiedLoansMember2024-01-012024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMemberus-gaap:PassMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMemberlkfn:MultifamilyLoansMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMember2024-03-310000721994lkfn:MultifamilyLoansMember2024-01-012024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:PassMemberlkfn:LoansSecuredByFarmlandMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMemberus-gaap:SubstandardMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMember2024-03-310000721994lkfn:LoansSecuredByFarmlandMember2024-01-012024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:PassMemberlkfn:LoansForAgriculturalProductionMember2024-03-310000721994us-gaap:SpecialMentionMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMemberus-gaap:SubstandardMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:DoubtfulMemberlkfn:LoansForAgriculturalProductionMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:NonperformingFinancingReceivableMemberlkfn:LoansForAgriculturalProductionMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMember2024-03-310000721994lkfn:LoansForAgriculturalProductionMember2024-01-012024-03-310000721994lkfn:OtherCommercialLoansMemberus-gaap:PassMember2024-03-310000721994lkfn:OtherCommercialLoansMemberus-gaap:SpecialMentionMember2024-03-310000721994lkfn:OtherCommercialLoansMember2024-01-012024-03-310000721994us-gaap:PassMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:SpecialMentionMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310000721994us-gaap:FirstMortgageMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:FirstMortgageMember2024-01-012024-03-310000721994us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:SecondMortgageMember2024-03-310000721994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2024-03-310000721994us-gaap:SecondMortgageMember2024-01-012024-03-310000721994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2024-03-310000721994us-gaap:ResidentialMortgageMember2024-01-012024-03-310000721994us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMemberus-gaap:SubstandardMember2024-03-310000721994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2024-03-310000721994lkfn:OtherConsumerLoansMember2024-01-012024-03-310000721994lkfn:PayCheckProtectionProgramMemberus-gaap:PassMember2024-03-310000721994us-gaap:LineOfCreditMemberus-gaap:PassMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:LineOfCreditMemberus-gaap:SpecialMentionMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:LineOfCreditMemberus-gaap:SubstandardMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:LineOfCreditMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:LineOfCreditMember2023-01-012023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:PassMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:SpecialMentionMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:SubstandardMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:NonperformingFinancingReceivableMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMember2023-01-012023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-12-310000721994us-gaap:CommercialRealEstateMember2023-01-012023-12-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2023-12-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:OwnerOccupiedLoansMember2023-12-310000721994lkfn:OwnerOccupiedLoansMember2023-01-012023-12-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2023-12-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310000721994lkfn:NonownerOccupiedLoansMember2023-01-012023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMemberus-gaap:PassMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMemberlkfn:MultifamilyLoansMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMember2023-12-310000721994lkfn:MultifamilyLoansMember2023-01-012023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:PassMemberlkfn:LoansSecuredByFarmlandMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMemberus-gaap:SubstandardMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMember2023-12-310000721994lkfn:LoansSecuredByFarmlandMember2023-01-012023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:PassMemberlkfn:LoansForAgriculturalProductionMember2023-12-310000721994us-gaap:SpecialMentionMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMember2023-12-310000721994lkfn:LoansForAgriculturalProductionMember2023-01-012023-12-310000721994lkfn:OtherCommercialLoansMemberus-gaap:PassMember2023-12-310000721994lkfn:OtherCommercialLoansMemberus-gaap:SpecialMentionMember2023-12-310000721994lkfn:OtherCommercialLoansMember2023-01-012023-12-310000721994us-gaap:PassMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:SpecialMentionMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310000721994us-gaap:FirstMortgageMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:FirstMortgageMember2023-01-012023-12-310000721994us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2023-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:SecondMortgageMember2023-12-310000721994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2023-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2023-12-310000721994us-gaap:SecondMortgageMember2023-01-012023-12-310000721994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2023-12-310000721994us-gaap:ResidentialMortgageMember2023-01-012023-12-310000721994us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2023-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMemberus-gaap:SubstandardMember2023-12-310000721994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2023-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2023-12-310000721994lkfn:OtherConsumerLoansMember2023-01-012023-12-310000721994lkfn:PayCheckProtectionProgramMemberus-gaap:PassMember2023-12-310000721994us-gaap:LineOfCreditMemberus-gaap:FinancialAssetNotPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:LineOfCreditMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:LineOfCreditMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:LineOfCreditMemberus-gaap:FinancialAssetPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:FinancialAssetNotPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:FinancialAssetPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-03-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:FinancialAsset30To89DaysPastDueMember2024-03-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:FinancialAsset30To89DaysPastDueMember2024-03-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMemberlkfn:FinancialAsset30To89DaysPastDueMember2024-03-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:MultifamilyLoansMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:LoansSecuredByFarmlandMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:LoansForAgriculturalProductionMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:FinancialAssetNotPastDueMemberlkfn:OtherCommercialLoansMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:OtherCommercialLoansMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:OtherCommercialLoansMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:OtherCommercialLoansMember2024-03-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:OtherCommercialLoansMember2024-03-310000721994us-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000721994lkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:SecondMortgageMember2024-03-310000721994lkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2024-03-310000721994us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000721994lkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994us-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000721994lkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2024-03-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2024-03-310000721994us-gaap:FinancialAssetNotPastDueMember2024-03-310000721994lkfn:FinancialAsset30To89DaysPastDueMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000721994us-gaap:FinancialAssetPastDueMember2024-03-310000721994us-gaap:LineOfCreditMemberus-gaap:FinancialAssetNotPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:LineOfCreditMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:LineOfCreditMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:LineOfCreditMemberus-gaap:FinancialAssetPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:FinancialAssetNotPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994lkfn:NonWorkingCapitalLoansMemberus-gaap:FinancialAssetPastDueMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-12-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:FinancialAsset30To89DaysPastDueMember2023-12-310000721994lkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:OwnerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:FinancialAsset30To89DaysPastDueMember2023-12-310000721994lkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:NonownerOccupiedLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMemberlkfn:FinancialAsset30To89DaysPastDueMember2023-12-310000721994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:MultifamilyLoansMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:MultifamilyLoansMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:LoansSecuredByFarmlandMember2023-12-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansSecuredByFarmlandMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:LoansForAgriculturalProductionMember2023-12-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:LoansForAgriculturalProductionMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberus-gaap:FinancialAssetNotPastDueMemberlkfn:OtherCommercialLoansMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:FinancialAsset30To89DaysPastDueMemberlkfn:OtherCommercialLoansMember2023-12-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:OtherCommercialLoansMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberlkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:OtherCommercialLoansMember2023-12-310000721994lkfn:AgriBusinessAndAgriculturalLoansMemberlkfn:OtherCommercialLoansMember2023-12-310000721994us-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000721994lkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:FirstMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:SecondMortgageMember2023-12-310000721994lkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2023-12-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SecondMortgageMember2023-12-310000721994us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000721994lkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994us-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000721994lkfn:FinancialAsset30To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2023-12-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2023-12-310000721994us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberlkfn:OtherConsumerLoansMember2023-12-310000721994us-gaap:FinancialAssetNotPastDueMember2023-12-310000721994lkfn:FinancialAsset30To89DaysPastDueMember2023-12-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000721994us-gaap:FinancialAssetPastDueMember2023-12-310000721994us-gaap:JuniorLienMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000721994lkfn:CollateralDependentLoansMember2024-03-310000721994us-gaap:JuniorLienMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000721994lkfn:CollateralDependentLoansMember2023-12-310000721994lkfn:CommercialAndIndustrialLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:LineOfCreditMember2024-03-310000721994lkfn:CommercialAndIndustrialLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:LineOfCreditMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:CommercialAndIndustrialLoansMemberus-gaap:LineOfCreditMember2024-03-310000721994lkfn:CommercialAndIndustrialLoansMemberus-gaap:LineOfCreditMember2024-03-310000721994lkfn:CommercialAndIndustrialLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000721994us-gaap:FinancingReceivables60To89DaysPastDueMemberlkfn:CommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberlkfn:CommercialAndIndustrialLoansMember2024-03-310000721994lkfn:CommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000721994us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000721994lkfn:CommercialAndIndustrialLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:LineOfCreditMember2023-04-012024-03-31lkfn:loan0000721994us-gaap:FederalHomeLoanBankAdvancesMember2024-03-310000721994lkfn:FederalHomeLoanBankOfIndianapolisNotesOnePointSixOnePercentageDueJanuarySevenTwoThousandTwentyMember2023-12-310000721994us-gaap:LineOfCreditMemberlkfn:UnsecuredRevolvingCreditAgreementMember2023-10-110000721994us-gaap:LineOfCreditMemberlkfn:UnsecuredRevolvingCreditAgreementMember2023-10-112023-10-110000721994us-gaap:RevolvingCreditFacilityMember2023-12-310000721994us-gaap:RevolvingCreditFacilityMember2024-03-310000721994srt:MinimumMemberus-gaap:MunicipalNotesMember2024-01-012024-03-310000721994srt:MinimumMemberus-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember2024-01-012024-03-310000721994us-gaap:USTreasurySecuritiesMembersrt:MinimumMember2024-01-012024-03-310000721994srt:MinimumMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberlkfn:CommercialRealEstatesMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Memberlkfn:CommercialRealEstatesMembersrt:MaximumMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberlkfn:InventoryFinishedGoodsMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Memberlkfn:InventoryFinishedGoodsMembersrt:MaximumMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberlkfn:FinishedGoodsMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Memberlkfn:FinishedGoodsMembersrt:MaximumMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberlkfn:InventoryWorkInProcessMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Memberlkfn:InventoryWorkInProcessMembersrt:MaximumMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:EquipmentMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:EquipmentMembersrt:MaximumMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberlkfn:MarketableSecuritiesMember2024-01-012024-03-310000721994us-gaap:FairValueInputsLevel3Memberlkfn:MarketableSecuritiesMembersrt:MaximumMember2024-01-012024-03-31lkfn:prepaymentSpeed0000721994srt:MaximumMember2024-01-012024-03-310000721994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000721994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000721994us-gaap:FairValueMeasurementsRecurringMember2024-03-310000721994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000721994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000721994us-gaap:FairValueMeasurementsRecurringMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel1Memberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel2Memberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LineOfCreditMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LineOfCreditMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:NonWorkingCapitalLoansMemberus-gaap:FairValueInputsLevel1Memberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:NonWorkingCapitalLoansMemberus-gaap:FairValueInputsLevel2Memberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberlkfn:NonWorkingCapitalLoansMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:NonWorkingCapitalLoansMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel1Memberlkfn:OwnerOccupiedLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel2Memberlkfn:OwnerOccupiedLoansMember2024-03-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:OwnerOccupiedLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:OwnerOccupiedLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:LoansSecuredByFarmlandMemberus-gaap:FairValueInputsLevel1Memberlkfn:AgribusinessAndAgriculturalMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:LoansSecuredByFarmlandMemberlkfn:AgribusinessAndAgriculturalMemberus-gaap:FairValueInputsLevel2Member2024-03-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberlkfn:LoansSecuredByFarmlandMemberlkfn:AgribusinessAndAgriculturalMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:LoansSecuredByFarmlandMemberlkfn:AgribusinessAndAgriculturalMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel1Memberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel2Memberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LineOfCreditMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LineOfCreditMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:NonWorkingCapitalLoansMemberus-gaap:FairValueInputsLevel1Memberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:NonWorkingCapitalLoansMemberus-gaap:FairValueInputsLevel2Memberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberlkfn:NonWorkingCapitalLoansMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:NonWorkingCapitalLoansMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel1Memberlkfn:OwnerOccupiedLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel2Memberlkfn:OwnerOccupiedLoansMember2023-12-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:OwnerOccupiedLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:OwnerOccupiedLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:LoansSecuredByFarmlandMemberus-gaap:FairValueInputsLevel1Memberlkfn:AgribusinessAndAgriculturalMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:LoansSecuredByFarmlandMemberlkfn:AgribusinessAndAgriculturalMemberus-gaap:FairValueInputsLevel2Member2023-12-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberlkfn:LoansSecuredByFarmlandMemberlkfn:AgribusinessAndAgriculturalMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:LoansSecuredByFarmlandMemberlkfn:AgribusinessAndAgriculturalMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberlkfn:TotalCommercialAndIndustrialLoansMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMemberlkfn:AgribusinessAndAgriculturalMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberlkfn:AgribusinessAndAgriculturalMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberlkfn:OtherRealEstateOwnedMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberlkfn:OtherRealEstateOwnedMember2024-03-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberlkfn:TotalCommercialAndIndustrialLoansMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMemberlkfn:AgribusinessAndAgriculturalMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberlkfn:ValuationCollateralBasedMeasurementsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberlkfn:AgribusinessAndAgriculturalMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberlkfn:OtherRealEstateOwnedMember2023-12-310000721994us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberlkfn:OtherRealEstateOwnedMember2023-12-310000721994us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000721994us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-03-310000721994us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-03-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000721994us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000721994us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000721994us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000721994us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-12-310000721994us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000721994us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000721994srt:MaximumMemberus-gaap:MunicipalNotesMember2024-01-012024-03-310000721994us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMembersrt:MaximumMember2024-01-012024-03-310000721994us-gaap:USTreasurySecuritiesMembersrt:MaximumMember2024-01-012024-03-310000721994us-gaap:InterestRateSwapMember2024-03-310000721994us-gaap:InterestRateSwapMember2023-12-310000721994us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000721994us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000721994us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000721994us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310000721994us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310000721994us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310000721994us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310000721994us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310000721994us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310000721994us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000721994us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000721994us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000721994us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-310000721994us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-310000721994us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-310000721994us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-03-310000721994us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-03-310000721994us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-03-310000721994us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberlkfn:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2024-01-012024-03-310000721994us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000721994us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberlkfn:AOCIAccumulatedGainLossDebtSecuritiesParentMember2024-01-012024-03-310000721994us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000721994us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000721994us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberlkfn:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2023-01-012023-03-310000721994us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000721994us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission File Number: 0-11487
LAKELAND FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Indiana35-1559596
(State or Other Jurisdiction(IRS Employer
of Incorporation or Organization)Identification No.)
202 East Center Street,
Warsaw,Indiana46580
(Address of principal executive offices)(Zip Code)
(574) 267‑6144
(Registrant’s Telephone Number, Including Area Code)
Title of each class    Trading Symbol(s)    Name of each exchange on which registered
Common stock, No par valueLKFNThe NASDAQ Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.
Large accelerated filer    Accelerated filer    Non-accelerated filer
Smaller reporting company     Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Number of shares of common stock outstanding at April 25, 2024:  25,503,425



TABLE OF CONTENTS
Page



ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)
March 31,
2024
December 31,
2023
(Unaudited)
ASSETS    
Cash and due from banks$55,533 $70,451 
Short-term investments92,154 81,373 
Total cash and cash equivalents147,687 151,824 
Securities available-for-sale, at fair value1,014,481 1,051,728 
Securities held-to-maturity, at amortized cost (fair value of $115,467 and $119,215, respectively)
130,335 129,918 
Real estate mortgage loans held-for-sale1,659 1,158 
Loans, net of allowance for credit losses of $73,180 and $71,972
4,924,379 4,844,562 
Land, premises and equipment, net57,890 57,899 
Bank owned life insurance110,067 109,114 
Federal Reserve and Federal Home Loan Bank stock21,420 21,420 
Accrued interest receivable30,793 30,011 
Goodwill4,970 4,970 
Other assets123,180 121,425 
Total assets$6,566,861 $6,524,029 
LIABILITIES
Noninterest bearing deposits$1,254,200 $1,353,477 
Interest bearing deposits4,363,885 4,367,048 
Total deposits5,618,085 5,720,525 
Federal Home Loan Bank advances200,000 50,000 
Accrued interest payable14,524 20,893 
Other liabilities87,243 82,818 
Total liabilities5,919,852 5,874,236 
STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
25,966,500 shares issued and 25,503,425 outstanding as of March 31, 2024
25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023
125,873 127,692 
Retained earnings703,330 692,760 
Accumulated other comprehensive income (loss)(166,913)(155,195)
Treasury stock at cost (463,075 shares as of March 31, 2024, 473,120 shares as of December 31, 2023)
(15,370)(15,553)
Total stockholders’ equity646,920 649,704 
Noncontrolling interest89 89 
Total equity647,009 649,793 
Total liabilities and equity$6,566,861 $6,524,029 

The accompanying notes are an integral part of these consolidated financial statements.
1

CONSOLIDATED STATEMENTS OF INCOME (unaudited - dollars in thousands, except share and per share data)
Three Months Ended
March 31,
20242023
NET INTEREST INCOME
Interest and fees on loans
Taxable$82,042 $69,542 
Tax exempt900 901 
Interest and dividends on securities
Taxable3,039 3,513 
Tax exempt3,947 4,300 
Other interest income1,106 964 
Total interest income91,034 79,220 
Interest on deposits41,164 24,918 
Interest on short-term borrowings2,454 2,783 
Total interest expense43,618 27,701 
NET INTEREST INCOME47,416 51,519 
Provision for credit losses1,520 4,350 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES45,896 47,169 
NONINTEREST INCOME
Wealth advisory fees2,455 2,200 
Investment brokerage fees522 534 
Service charges on deposit accounts2,691 2,630 
Loan and service fees2,852 2,846 
Merchant and interchange fee income863 877 
Bank owned life insurance income (loss)1,036 691 
Mortgage banking income (loss)52 (99)
Net securities gains (losses)(46)16 
Other income2,187 619 
Total noninterest income12,612 10,314 
NONINTEREST EXPENSE
Salaries and employee benefits16,833 16,063 
Net occupancy expense1,740 1,572 
Equipment costs1,412 1,438 
Data processing fees and supplies3,839 3,452 
Corporate and business development1,381 1,431 
FDIC insurance and other regulatory fees789 795 
Professional fees2,463 2,121 
Other expense2,248 2,562 
Total noninterest expense30,705 29,434 
INCOME BEFORE INCOME TAX EXPENSE27,803 28,049 
Income tax expense4,402 3,771 
NET INCOME$23,401 $24,278 
BASIC WEIGHTED AVERAGE COMMON SHARES25,657,063 25,583,026 
BASIC EARNINGS PER COMMON SHARE$0.91 $0.95 
DILUTED WEIGHTED AVERAGE COMMON SHARES25,747,643 25,742,885 
DILUTED EARNINGS PER COMMON SHARE$0.91 $0.94 
The accompanying notes are an integral part of these consolidated financial statements.
2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited - dollars in thousands)
Three Months Ended March 31,
20242023
Net income$23,401 $24,278 
Other comprehensive income (loss)
Change in available-for-sale and transferred securities:
Unrealized holding gain (loss) on securities available-for-sale arising during the period(15,389)26,793 
Reclassification adjust for amortization of unrealized losses on securities transferred to held-to-maturity496 491 
Reclassification adjustment for (gains) losses included in net income46 (16)
Net securities gain (loss) activity during the period(14,847)27,268 
Tax effect3,118 (5,726)
Net of tax amount(11,729)21,542 
Defined benefit pension plans:
Amortization of net actuarial loss15 15 
Net gain activity during the period15 15 
Tax effect(4)(4)
Net of tax amount11 11 
Total other comprehensive income (loss), net of tax(11,718)21,553 
Comprehensive income$11,683 $45,831 
The accompanying notes are an integral part of these consolidated financial statements.
3

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited - dollars in thousands, except share and per share data)

Three Months Ended
Common StockRetained
Earnings
Accumulated Other Comprehensive
Income (Loss)
Treasury
Stock
Total Stockholders’
Equity
Noncontrolling
Interest
Total
Equity
SharesStock
Balance at January 1, 2023
25,349,225 $127,004 $646,100 $(188,923)$(15,383)$568,798 $89 $568,887 
Comprehensive income:
Net income24,278 24,278 24,278 
Other comprehensive income (loss), net of tax21,553 21,553 21,553 
Cash dividends declared and paid, $0.46 per share
(11,749)(11,749)(11,749)
Treasury shares purchased under deferred directors' plan(2,800)204 (204)
Treasury shares sold and distributed under deferred directors' plan12,855 (405)405 
Stock activity under equity compensation plans71,637 (3,124)(3,124)(3,124)
Stock based compensation expense2,161 2,161 2,161 
Balance at March 31, 2023
25,430,917 $125,840 $658,629 $(167,370)$(15,182)$601,917 $89 $602,006 
Balance at January 1, 2024
25,430,566 $127,692 $692,760 $(155,195)$(15,553)$649,704 $89 $649,793 
Impact of adoption ASU 2023-02, net of tax(532)(532)(532)
Adjusted Balance at January 1, 202425,430,566 127,692 692,228 (155,195)(15,553)649,172 89 649,261 
Comprehensive income:
Net income23,401 23,401 23,401 
Other comprehensive income (loss), net of tax(11,718)(11,718)(11,718)
Cash dividends declared and paid, $0.48 per share
(12,299)(12,299)(12,299)
Treasury shares purchased under deferred directors' plan(3,230)208 (208)0 0 
Treasury shares sold and distributed under deferred directors' plan13,275 (391)391 0 0 
Stock activity under equity compensation plans62,814 (2,516)(2,516)(2,516)
Stock based compensation expense880 880 880 
Balance at March 31, 2024
25,503,425 $125,873 $703,330 $(166,913)$(15,370)$646,920 $89 $647,009 
The accompanying notes are an integral part of these consolidated financial statements.
4

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited - in thousands)
Three Months Ended March 31,20242023
Cash flows from operating activities:
Net income$23,401 $24,278 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation1,534 1,538 
Provision for credit losses1,520 4,350 
Amortization of loan servicing rights109 133 
Loans originated for sale, including participations(4,535)(795)
Net gain on sales of loans(108)(34)
Proceeds from sale of loans, including participations4,112 672 
Net (gain) loss on sales of premises and equipment13 (4)
Net (gain) loss on sales and calls of securities available-for-sale46 (16)
Net securities amortization1,264 1,192 
Stock based compensation expense880 2,161 
Losses (earnings) on life insurance(1,036)(691)
Gain on life insurance(243)0 
Tax benefit of stock award issuances(201)(720)
Net change:
Interest receivable and other assets3,298 501 
Interest payable and other liabilities(5,260)(5,122)
Total adjustments1,393 3,165 
Net cash from operating activities24,794 27,443 
Cash flows from investing activities:
Proceeds from sale of securities available-for-sale7,136 87,471 
Proceeds from maturities, calls and principal paydowns of securities available-for-sale13,537 19,500 
Proceeds from maturities, calls and principal paydowns of securities held-to-maturity0 5 
Purchases of securities available-for-sale0 (4,046)
Purchase of life insurance(193)(153)
Net (increase) decrease in total loans(81,337)(50,273)
Proceeds from sales of land, premises and equipment3 11 
Purchases of land, premises and equipment(1,541)(2,155)
Purchase of Federal Home Loan Bank stock0 0 
Proceeds from redemption of Federal Home Loan Bank stock0 0 
Proceeds from sales of other real estate0 0 
Proceeds from life insurance536 0 
Net cash from investing activities(61,859)50,360 
Cash flows from financing activities:
Net increase (decrease) in total deposits(102,440)57,108 
Net increase (decrease) in short-term borrowings0 (22,000)
Proceeds from (payments on) short-term FHLB borrowings150,000 (75,000)
Common dividends paid(12,299)(11,749)
Payments related to equity incentive plans(2,516)(3,124)
Purchase of treasury stock(208)(204)
Sale of treasury stock391 405 
Net cash from financing activities32,928 (54,564)
Net change in cash and cash equivalents(4,137)23,239 
Cash and cash equivalents at beginning of the period151,824 130,282 
Cash and cash equivalents at end of the period147,687 153,521 
Cash paid during the period for:
Interest$49,988 25,462 
Income taxes0 0 
The accompanying notes are an integral part of these consolidated financial statements.
5


NOTE 1. BASIS OF PRESENTATION
This report is filed for Lakeland Financial Corporation (the "Company"), which has one wholly owned subsidiary, Lake City Bank (the "Bank"). Also included in this report are results for the Bank’s wholly owned subsidiary, LCB Investments II, Inc. ("LCB Investments"), which manages the Bank’s investment securities portfolio. LCB Investments owns LCB Funding, Inc. ("LCB Funding"), a real estate investment trust. All significant inter-company balances and transactions have been eliminated in consolidation.
The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any subsequent reporting periods, including the year ending December 31, 2024. The Company’s 2023 Annual Report on Form 10-K should be read in conjunction with these statements.
Adoption of New Accounting Standards
On March 28, 2023, the FASB issued ASU 2023-02, "Investments - Equity Method and Join Ventures (ASC 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." ASU 2014-01, "Investments - Equity method and Joint Ventures (ASC 323): Accounting for Investments in Qualified Affordable Housing Projects", previously introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met; however, this guidance limited the proportional amortization method to investments in low-income-housing tax credit (LIHTC) structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of net income tax expense (benefit). Equity investments in other tax credit structures are typically accounted for using the equity method, which results in investment income, gains and losses, and tax credits being presented gross on the income statement in their respective line items.
The amendments in this update permit reporting entities to elect to account for certain tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax benefits in the income statement as a component of income tax expense (benefit). To qualify for the proportional amortization method, all of the following conditions must be met: (1) It is probable that the income tax credits allocated to the tax equity investor will be available; (2) The tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project; (3) Substantially all of the projected benefits are from income tax credits and other income tax benefits. Projected benefits included income tax credits, other income tax benefits, and other non-income tax -related benefits. The projected benefits are determined on a discounted basis, using a discount rate that is consistent with the cash flow assumptions used by the tax equity investor in making its decision to invest in the project; (4) The tax equity investor's projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive; and (5) The tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor's liability is limited to its capital investment. An accounting policy election is allowed to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The amendments require that a reporting entity disclose certain information in annual and interim reporting periods that enable investors to understanding the following information about its investments that generate income tax credits and other income tax benefits from a tax credit program including: (1) The nature of its tax equity investments; and (2) The effect of its tax equity investments and related income tax credits and other income tax benefits on its financial position and results of operations.
For public business entities, the amendments in this update were effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The amendments in this update must be applied on either a modified retrospective or a retrospective basis. The Company chose the modified retrospective approach and recorded a day one adjustment of ($532,000), net of tax, to beginning retained earnings on January 1, 2024, which did not have a material impact on the consolidated financial statements.
Newly Issued But Not Yet Effective Accounting Standards
On October 9, 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative", which modified the disclosure or presentation requirements of a variety of Topics in the Codification and was intended to both clarify or improve such requirements and align the requirements with the SEC's regulations. The amendments to Topics of Codification provided in this Update apply to all reporting entities within the scope of the affected Topics unless otherwise indicated by the Update. Given the variety of Topics amended, a broad range of entities may be affected by one or more of the amendments provided in the Update. The Company evaluated the amendments provided in the Update and believes certain of the disclosure improvements are applicable to the Company's interim or annual disclosures. Subtopic 230-10, as amended, requires disclosure within the accounting policy in annual periods of where cash flows associated with derivative instruments and their related gains and losses are presented within the statement of cash flows. Subtopic 260-10, as amended, requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. Subtopic 470-10, as amended, requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on short-term borrowings outstanding as of the date of each balance sheet presented.
The effective date for each amendment for entities subject to the SEC's existing disclosure requirements is the effective date of the removal of the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The amendments in the Update are to be applied prospectively. The Company will apply prospectively the provisions provided in the amendments as such provisions become effective, and does not believe the application of these modified disclosure requirements will have a material impact on the consolidated financial statements. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment in the Update will be removed from the Codification and will not become effective.
On November 27, 2023, the FASB issued ASU 2023-07, "Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures", intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Provisions in the amendment include: (1) Requirement that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"); (2) Requirement that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss; (3) Requirement that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by ASC 280 in interim periods; (4) Clarification that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocation resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is the most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's consolidated financial statements; (5) Requirement that a public entity disclose the title and position of the CODM and explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources; and (6) Requirement that a public entity that has a single reportable segment provide all the disclosures by the amendments in the Update and all existing segment disclosures in ASC 280.
The amendments in the update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. For public business entities, amendments in the Update should be applied retrospectively to all periods presented in the financial statements, and upon transition to the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of this standard on its disclosures, however does not expect adoption of the update to have a material impact of the consolidated financial statements.
On December 14, 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", to address investor requests for greater transparency in regards to income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments are designed to enhance transparency surrounding income tax disclosures by requiring (1) Consistent categories and greater disaggregation of information in the rate reconciliation and (2) Income taxes paid disaggregation by taxing jurisdiction, which will allow investors to better assess, in their capital allocation decisions, how an entity's operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. Other amendments in this
Update are designed to improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (loss) and income tax expense (benefit) to be consistent with the SEC's Regulation S-X 210.4-08(h), Rules of General Application-General Notes to Financial Statements: Income Tax Expense, and (2) Removing disclosures that are no longer considered cost beneficial or relevant.
The amendments in this Update are effective for public business entities for annual periods beginning after December 31, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis, however retrospective application is permitted. The Company is currently evaluating the impact of this update on its disclosures, however does not expect the adoption of this update to have a material impact on the consolidated financial statements.
Reclassification
Certain amounts appearing in the consolidated financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders' equity as previously reported.
6

NOTE 2. SECURITIES
Debt securities purchased with the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other investment securities are classified as available-for-sale securities.

Available-for-Sale Securities

Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) is provided in the table below.
(dollars in thousands)Amortized
Cost
Gross Unrealized GainGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2024
U.S. government sponsored agencies$144,693 $0 $(28,241)$0 $116,452 
Mortgage-backed securities: residential511,037 86 (79,105)0 432,018 
State and municipal securities548,685 21 (82,695)0 466,011 
Total$1,204,415 $107 $(190,041)$0 $1,014,481 
December 31, 2023
U.S. government sponsored agencies$146,692 $0 $(27,213)$0 $119,479 
Mortgage-backed securities: residential522,275 118 (74,551)0 447,842 
State and municipal securities557,352 65 (73,010)0 484,407 
Total$1,226,319 $183 $(174,774)$0 $1,051,728 
Held-to-Maturity Securities
Information related to the amortized cost, fair value and allowance for credit losses of securities held-to-maturity and the related gross unrealized gains and losses is presented in the table below.
(dollars in thousands)Amortized
Cost
Gross Unrealized GainGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2024
State and municipal securities$130,335 $0 $(14,868)$0 $115,467 
December 31, 2023
State and municipal securities$129,918 $0 $(10,703)$0 $119,215 
The Company has the current intent and ability to hold held-to-maturity securities until maturity. All of the Company's securities designated as held-to-maturity were transferred from the available-for-sale classification. The net unrealized gain or loss on the transferred securities was recorded as a component of accumulated other comprehensive income (loss) at the time of the transfer and is amortized over the remaining life of the underlying securities as an adjustment to the yield on those securities. The net amount of the unamortized unrealized loss on the transferred securities included in accumulated other comprehensive income (loss) was $20.4 million ($16.1 million, net of tax) at March 31, 2024.






7

Information regarding the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by maturity as of March 31, 2024 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.
Available-for-SaleHeld-to-Maturity
(dollars in thousands)Amortized CostFair
Value
Amortized CostFair
Value
Due in one year or less$695 $695 $0 $0 
Due after one year through five years7,805 7,149 0 0 
Due after five years through ten years46,433 43,245 0 0 
Due after ten years638,445 531,374 130,335 115,467 
693,378 582,463 130,335 115,467 
Mortgage-backed securities511,037 432,018 0 0 
Total debt securities$1,204,415 $1,014,481 $130,335 $115,467 
Available-for-sale securities proceeds, gross gains and gross losses are presented below.
Three Months Ended March 31,
(dollars in thousands)20242023
Sales of securities available-for-sale
Proceeds$7,136 $87,471 
Gross gains0 411 
Gross losses(46)(395)
Number of securities15 81 
In accordance with ASU No. 2017-8, purchase premiums for callable securities are amortized to the earliest call date and premiums on non-callable securities as well as discounts are recognized in interest income using the interest method over the terms of the securities or over the estimated lives of mortgage-backed securities. Gains and losses on sales are based on the amortized cost of the security sold and recorded on the trade date.
Securities with fair values of $642.0 million and $792.0 million were pledged as of March 31, 2024 and December 31, 2023, respectively, as collateral for borrowings from the Federal Home Loan Bank ("FHLB") and Federal Reserve Bank and for other purposes as permitted or required by law.
Unrealized Loss Analysis on Available-for-Sale and Held-to-Maturity Securities
Information regarding available-for-sale securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented on the following page. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
8

Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2024            
U.S. government sponsored agencies$0 $0 $116,452 $28,241 $116,452 $28,241 
Mortgage-backed securities: residential1,325 11 427,086 79,094 428,411 79,105 
State and municipal securities18,355 430 440,893 82,265 459,248 82,695 
Total available-for-sale$19,680 $441 $984,431 $189,600 $1,004,111 $190,041 
December 31, 2023
U.S. government sponsored agencies$0 $0 $119,479 $27,213 $119,479 $27,213 
Mortgage-backed securities: residential52 0 442,765 74,551 442,817 74,551 
State and municipal securities31,345 440 440,446 72,570 471,791 73,010 
Total available-for-sale$31,397 $440 $1,002,690 $174,334 $1,034,087 $174,774 
Information regarding held-to-maturity securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented below. The table divides the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2024
State and municipal securities$0 $0 $115,467 $14,868 $115,467 $14,868 
December 31, 2023
State and municipal securities$0 $0 $119,215 $10,703 $119,215 $10,703 
The total number of securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented below.
Available-for-SaleHeld-to-Maturity
Less than
12 months
12 months
or more
TotalLess than
12 months
12 months
or more
Total
March 31, 2024    
U.S. government sponsored agencies0 17 17 0 0 0 
Mortgage-backed securities: residential4 126 130 0 0 0 
State and municipal securities24 384 408 0 41 41 
Total temporarily impaired28 527 555 0 41 41 
December 31, 2023
U.S. government sponsored agencies0 17 17 0 0 0 
Mortgage-backed securities: residential1 126 127 0 0 0 
State and municipal securities40 370 410 0 41 41 
Total temporarily impaired41 513 554 0 41 41 
Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For available-for-sale debt securities in an unrealized loss position, management first assesses whether it intends to sell, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through the consolidated income statement. For available-for-sale debt securities that do not meet the above criteria and for held-to-maturity securities, management evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is
9

less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, management compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. For available-for-sale debt securities, any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of applicable taxes.
No allowance for credit losses for available-for-sale or held-to-maturity debt securities was recorded at March 31, 2024 or December 31, 2023. Accrued interest receivable on securities totaled $7.0 million and $7.6 million at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses.
The U.S. government sponsored agencies and mortgage-backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. State and municipal securities credit losses are benchmarked against highly rated municipal securities of similar duration, as published by Moody's, resulting in an immaterial allowance for credit losses.
10

NOTE 3. LOANS
(dollars in thousands)March 31,
2024
December 31,
2023
Commercial and industrial loans:
Working capital lines of credit loans$646,459 12.9 %$604,893 12.3 %
Non-working capital loans830,817 16.6 815,871 16.6 
Total commercial and industrial loans1,477,276 29.5 1,420,764 28.9 
Commercial real estate and multi-family residential loans:
Construction and land development loans659,712 13.2 634,435 12.9 
Owner occupied loans833,410 16.7 825,464 16.8 
Nonowner occupied loans744,346 14.9 724,101 14.7 
Multifamily loans239,974 4.8 253,534 5.1 
Total commercial real estate and multi-family residential loans2,477,442 49.6 2,437,534 49.5 
Agri-business and agricultural loans:
Loans secured by farmland167,271 3.3 162,890 3.3 
Loans for agricultural production200,581 4.0 225,874 4.6 
Total agri-business and agricultural loans367,852 7.3 388,764 7.9 
Other commercial loans:120,302 2.4 120,726 2.5 
Total commercial loans4,442,872 88.8 4,367,788 88.8 
Consumer 1-4 family mortgage loans:
Closed end first mortgage loans